Shattered EU Policy
Holds Serious Risks
For Politics, Economy

Both economically and politically, Europe faces grave long-term risks if it can't repair a coordinated economic policy left shattered last week.

The suspension of budget-discipline rules for the 12 countries using the euro, forced through a divided council of finance ministers by Germany and France, isn't just politics-as-usual for a Europe marked more by contentiousness than cooperation. It threatens the long-term credibility of the...